Help With Student Loans - HERE!

Taiko

Saved the PM I tried to send on my home computer, so will send then. Not a query, but just something thought maybe you'd be interested in.

liz545

I've just logged into the student loan website, and the figure they have for my loan was last updated in April 2007. I changed jobs about 6 months ago, but repayments aren't being deducted from my salary yet. Should I be patient and it'll start being deducted eventually, or is the onus on me to inform them that I've moved jobs? I graduated in 2004 and it's a bit depressing that despite 5 years of repayments my balance has barely decreased at all! I've heard that your loan gets annulled if it's not repaid after a certain period of time, but I'm not sure if that's true?

Caramac

Can I have some advice please. My son is starting uni in Sept and I know that the maintenance loan is made up of 72% that everyone gets (approx £3200) and the balance which is determined on your income.

I have been trying to work out what he will get based on our income by using the calculator on the directgov site and I get an estimate of £2700. I realise he will not be entitled to the full amount but was expecting a figure between £3200 and £4700 (figures are approx)

If he is only entitled to the non income based portion is there any point us filling out the form to claim the rest?

moocjh

Hi

I left university without finishing my degree and without going through the right channels, filling out paperwork, etc., and so I still have the remnants of the last loan outstanding to pay back. I was there for under a year.
Now two years later I want to reapply for a different course, now knowing what it is I want to go to university for, and this would require a new student loan. Will I need to pay back the last one in full before reapplying?
What happens if I don't have enough money? Is there an installment plan that can be arranged, alongside an entirely new loan?

Thanks in advance

Lokolo

Caramac wrote: »

Can I have some advice please. My son is starting uni in Sept and I know that the maintenance loan is made up of 72% that everyone gets (approx £3200) and the balance which is determined on your income.

I have been trying to work out what he will get based on our income by using the calculator on the directgov site and I get an estimate of £2700. I realise he will not be entitled to the full amount but was expecting a figure between £3200 and £4700 (figures are approx)

If he is only entitled to the non income based portion is there any point us filling out the form to claim the rest?

He will get a grant on top of this.

MrsManda

Caramac wrote: »

If he is only entitled to the non income based portion is there any point us filling out the form to claim the rest?

If you fill the form out for assessed income then your son may be eligible for maintanence grants both from SLC and from his university. Without filling out the assessed income part, the most he will get is 75% of the total available loans and no grants from either the SLC or university.

MrsManda

moocjh wrote: »

I left university without finishing my degree and without going through the right channels, filling out paperwork, etc., and so I still have the remnants of the last loan outstanding to pay back. I was there for under a year.
Now two years later I want to reapply for a different course, now knowing what it is I want to go to university for, and this would require a new student loan. Will I need to pay back the last one in full before reapplying?
What happens if I don't have enough money? Is there an installment plan that can be arranged, alongside an entirely new loan?
Thanks in advance

You need to speak to your LEA. In general they do not fund people who have already had student loans previously, regardless of if they've been paid back. In theory you are eligible for four years funding so if you mess up a year you're ok. However if you've left a gap between dropping out and starting another course it can be very difficult convincing the LEA to fund you again unless there were exceptional circumstances to you dropping out the first time.

Your student loan will only have to be paid back immediately if the LEA have decided they overpaid you. Otherwise, you have the same conditions as if you had graduated - you start paying when your income reaches 15K.

kne

Hi, wondering if someone can help!
I logged onto the SLC website and have worked out I have around 20 weeks left of payments.
What happens with final payments etc? Is it up to me to work out what date it will be and tell my company or will the SLC do this for me? I really don't want to pay more than I have too as it is a lot of money coming out of my pay.
As my salary varies a lot due to overtime the end date will vary too :-/
Can anyone advise what happens?
Many thanks...

crystalgirl_2

slcworker wrote: »

Hey, i have alot of Knowledge of how the student loans procedure works. If anyone needs any help, i can advise as much general info.
Obviously i cant divulge into specifics due to Data Protection and the fact that i'd get fired, but anything i can help with, just let me know.

If a student could afford to pay his university fees himself might it still be better for him to apply for a student loan and put his private monies into a savings account (even though interest rates are poor?) for the term of the degree course?

Lokolo

crystalgirl wrote: »

If a student could afford to pay his university fees himself might it still be better for him to apply for a student loan and put his private monies into a savings account (even though interest rates are poor?) for the term of the degree course?

Of course it is.

Student loan rate is currently 1.5%, you can easily get better rates than this (I have 4.2% fixed for a 1 year and 3.5% fixed for 2 years).

So it works out like this:

Loan: £1000 - 1.5% - After 1 year, owe £1015
Savings: £1000 - 4% - After 1 year, have £1040

So after 1 year, you could pay back the £1000 loan and make a profit of £25. Of course you wouldn't do this, but keep the money in savings and get even more profit

BUT this would mean the student has to stop spending the loan. See my signature, it is what I have done.